Billionaire activist investor Nelson Peltz sold his entire stake in Disney for an impressive $1 billion, according to a source who spoke to CNBC. The move comes after Peltz, who is the head of hedge fund Trian Fund Management, lost a proxy battle with Disney CEO Bob Iger and the board of directors in an effort to secure two seats on the board; one for him and another for former Disney finance chief Jay Rasulo. Peltz was unhappy with the company’s floundering share price and blamed Iger for mismanaging the company. Shareholders rejected Peltz and Trian in a vote in April and re-elected all of the board members instead. A source slso confirmed the deal to The New York Times, adding Peltz sold his portion of the approximately $3.5 billion in Disney stock controlled by Trian (a large majority is owned by former chairman of Marvel Entertainment, Ike Perlmutter). The stock was sold for roughly $120 a share. By close Wednesday, Disney stock was at at $100.88. According to Yahoo Finance, Disney shares have risen 12% since the beginning 0f 2024 but after defeating Peltz, stock is down 15%. “While we are disappointed with the outcome of this proxy contest, Trian greatly appreciates all of the support and dialogue we have had with Disney stakeholders,” Trian said in an April statement. “We are proud of the impact we have had in refocusing this Company on value creation and good governance.” Reps for both Trian and Disney declined to comment to CNBC and a number of other outlets.